Skip to main content


March 27, 2014

CFPB Close to Finishing Payday Loan Rules

“The Consumer Financial Protection Bureau says it is in the late stages of formulating new regulations for the payday lending business.

“The announcement, embargoed for release until midnight Tuesday, came as the agency published new research that it’s expected to use in writing the rules.

“The research suggests that many consumers who use payday loans do not get stuck in a long-term cycle of debt, but the industry derives most of its revenue from consumers who borrow again and again.

“More specifically, the research finds that more than 80% of all payday loans are either rolled over or “renewed” within two weeks — a point that the industry’s critics are expected to cite. But it also finds that about 55% of new payday loans are either never renewed or only renewed once — a finding that payday industry representatives seem likely to highlight. The report defines renewals as payday loans taken out within 14 days of repayment of a previous loan; rollovers are extensions of unpaid loans.”


Read full American Banker article here.

In the News


For media inquiries, please contact us at or 202-618-6433.

Contact Us

For media inquiries, please contact or 202-618-6433.

To sign up for our email newsletter, please visit this page.

This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact or 202-618-6433.


Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today